Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today announced results of operations for the three and six months ended June 30, 2021, which include record revenue.
“I am extremely pleased with our results for the second quarter and the progress we are making as we execute on our commitment to deliver long-term shareholder value,” said Gary Bowman, Chairman and CEO of Bowman. “In May we completed our IPO and once again turned our attention to achieving increased scale through organic growth and acquisitions. We delivered record revenue in the second quarter and continue to expand backlog with a strong pace of new contracts and assignments. We recently closed on our first acquisition as a public company and are encouraged by our current pipeline of M&A opportunities.”
Financial highlights of the three months ended June 30, 2021:
- Gross revenue of $36.5 million, a year-over-year increase of 15%
- Net service billing1 of $32.5 million, a year-over-year increase of 20%
- Adjusted EBITDA1of $4.2 million
- Adjusted EBITDA margin, net1 of 12.9%
- Net loss of $0.4 million
- Net income of $1.0 million as adjusted for $1.4 million one-time IPO expenses
- Acquisitions contributed $2.6 million, or 7%, of gross revenue
- Backlog1 increased to $124 million, an increase of 7% from March 31, 2021
Financial highlights of the six months ended June 30, 2021:
- Gross revenue of $68.3 million, a year-over-year increase of 13%
- Net service billing1 of $61.3 million, a year-over-year increase of 18%
- Adjusted EBITDA1of $8.3 million, a year-over-year increase of 23%
- Adjusted EBITDA margin, net1 of 13.5%, up from 12.9% in the first six months of 2020
- Net income of $0.5 million
- Net income of $1.9 million as adjusted for $1.4 million one-time IPO expenses
- Acquisitions contributed $4.5 million, or 7% of gross revenue
Other Recent Business Highlights:
- Closed on McFarland-Dyer & Associates acquisition in Atlanta on August 3, 2021
- Renewed revolving credit facility with Bank of America on favorable terms
Year-End Guidance:
The Company is introducing its full year 2021 outlook for Net Service Billing1 to be in the range of $125 to $130 million with Adjusted EBITDA expected to be in the range of $15.0 to $15.6 million. The current outlook is based on completed acquisitions as of the date of this release and does not include the benefit of any future acquisitions. The Company expects to continue making strategically and financially accretive acquisitions that are not yet reflected in this current 2021 guidance or outlook.
“Adding back $1.4 million of one-time IPO related expenses, our net income was $1.0 million for the quarter and $1.9 million year to date. We expect to grow net service billing by 20% to 25% in 2021, including nearly 14% organic growth at the midpoint of our revenue range,” said Bruce Labovitz, Chief Financial Officer of Bowman. “This is a transitional year for Bowman as we absorb the incremental cost of being a public company. Post-IPO, our priority is to utilize our increased capital to further scale our business. This increased scale should allow us meaningful opportunities to expand margin, profitability, and operating cash flow. Our impressive top line growth year-to-date, accompanied by increasing adjusted EBITDA, sets a solid foundation for delivering positive financial results in 2021 and beyond.”
-----------------------
1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.
Q1 2021 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: |
August 12, 2021 |
Time: |
9:00 a.m. Eastern Time |
Hosts: |
Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer |
Where: |
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 750 employees in more than 30 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $53.3 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 424B4 dated May 6, 2021, which is available on the SEC's website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures and Other Key Metrics
We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assist investors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative to other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.
BOWMAN CONSULTING GROUP LTD. |
||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS |
||||||||||||
(Amounts in thousands except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
For the Three Months
|
|
For the Six Months
|
|||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
Gross Contract Revenue |
$ |
36,524 |
|
$ |
31,749 |
|
$ |
68,326 |
|
$ |
60,360 |
|
Contract costs: (exclusive of depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct payroll costs |
|
14,123 |
|
|
12,059 |
|
|
27,345 |
|
|
23,694 |
|
Sub-consultants and expenses |
|
4,065 |
|
|
4,581 |
|
|
6,999 |
|
|
8,459 |
|
Total contract costs |
|
18,188 |
|
|
16,640 |
|
|
34,344 |
|
|
32,153 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
17,204 |
|
|
12,082 |
|
|
29,953 |
|
|
24,168 |
|
Depreciation and amortization |
|
1,480 |
|
|
320 |
|
|
2,908 |
|
|
640 |
|
(Gain) loss on sale |
|
(27 |
) |
|
- |
|
|
(53 |
) |
|
(15 |
) |
Total operating expenses |
|
18,657 |
|
|
12,402 |
|
|
32,808 |
|
|
24,793 |
|
Income (loss) from operations |
|
(321 |
) |
|
2,707 |
|
|
1,174 |
|
|
3,414 |
|
Other (income) expense |
|
187 |
|
|
(67 |
) |
|
392 |
|
|
(76 |
) |
Income (loss) before tax expense |
|
(508 |
) |
|
2,774 |
|
|
782 |
|
|
3,490 |
|
Income tax (benefit) expense |
|
(69 |
) |
|
1,157 |
|
|
240 |
|
|
1,447 |
|
Net income (loss) |
$ |
(439 |
) |
$ |
1,617 |
|
$ |
542 |
|
$ |
2,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings allocated to non-vested shares |
|
- |
|
|
100 |
|
|
93 |
|
|
96 |
|
Net income (loss) attributable to common
|
$ |
(439 |
) |
$ |
1,517 |
|
$ |
449 |
|
$ |
1,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
$ |
0.27 |
|
$ |
0.07 |
|
$ |
0.35 |
|
Diluted |
$ |
(0.06 |
) |
$ |
0.27 |
|
$ |
0.07 |
|
$ |
0.35 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
6,973,055 |
|
|
5,555,697 |
|
|
6,029,054 |
|
|
5,570,013 |
|
Diluted |
|
6,973,055 |
|
|
5,591,118 |
|
|
6,029,054 |
|
|
5,605,434 |
|
BOWMAN CONSULTING GROUP LTD. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Amounts in thousands except per share data) |
|||||||
|
|||||||
|
June 30, 2021 |
|
December 31, 2020 |
||||
|
(unaudited) |
|
|
||||
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and equivalents |
$ |
38,545 |
|
$ |
386 |
|
|
Accounts Receivable, net |
|
33,323 |
|
|
24,183 |
|
|
Contract assets |
|
7,538 |
|
|
7,080 |
|
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,117 |
|
|
1,182 |
|
|
Prepaid and other current assets |
|
3,406 |
|
|
2,271 |
|
|
Total current assets |
|
83,929 |
|
|
35,102 |
|
|
Non-Current Assets |
|
|
|
|
|
|
|
Property and equipment, net |
|
16,843 |
|
|
15,357 |
|
|
Goodwill |
|
11,723 |
|
|
9,179 |
|
|
Notes receivable |
|
903 |
|
|
903 |
|
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,281 |
|
|
1,297 |
|
|
Other intangible assets, net |
|
1,865 |
|
|
1,131 |
|
|
Other assets |
|
736 |
|
|
669 |
|
|
Total Assets |
$ |
117,280 |
|
$ |
63,638 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Bank line of credit |
|
- |
|
|
3,481 |
|
|
Accounts payable and accrued liabilities, current portion |
|
18,140 |
|
|
12,203 |
|
|
Contract liabilities |
|
1,914 |
|
|
1,943 |
|
|
Notes payable, current portion |
|
2,093 |
|
|
1,592 |
|
|
Deferred rent, current portion |
|
680 |
|
|
619 |
|
|
Capital lease obligation, current portion |
|
4,089 |
|
|
3,495 |
|
|
Total current liabilities |
|
26,916 |
|
|
23,333 |
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
Other non-current obligations |
|
1,243 |
|
|
1,244 |
|
|
Notes payable, less current portion |
|
3,717 |
|
|
2,829 |
|
|
Deferred rent, less current portion |
|
4,226 |
|
|
4,278 |
|
|
Capital lease obligation, less current portion |
|
7,904 |
|
|
7,503 |
|
|
Deferred tax liability, net |
|
5,133 |
|
|
6,472 |
|
|
Common shares subject to repurchase |
|
7 |
|
|
842 |
|
|
Total liabilities |
$ |
49,146 |
|
$ |
46,501 |
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding |
|
- |
|
|
- |
|
|
Common stock, $0.01 par value; 30,000,000 shares authorized; 13,273,673 shares issued and 11,092,245 outstanding, and 7,840,244 shares issued and 5,744,594 outstanding, respectively |
|
133 |
|
|
2 |
|
|
Additional paid-in-capital |
|
110,218 |
|
|
58,866 |
|
|
Treasury Stock, at cost; 2,181,428 and 2,095,650, respectively |
|
(17,117 |
) |
|
(16,022 |
) |
|
Stock subscription notes receivable |
|
(542 |
) |
|
(609 |
) |
|
Accumulated deficit |
|
(24,558 |
) |
|
(25,100 |
) |
|
Total shareholders' equity |
$ |
68,134 |
|
$ |
17,137 |
|
|
TOTAL LIABILITIES AND EQUITY |
$ |
117,280 |
|
$ |
63,638 |
|
|
BOWMAN CONSULTING GROUP LTD. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
|
For the Six Months Ended June 30, |
||||||
|
2021 |
2020 |
|||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
Net Income |
$ |
542 |
|
$ |
2,043 |
|
|
Adjustments to reconcile net income to net cash provided by operating
|
|
|
|
|
|
|
|
Depreciation and amortization - property, plant and equipment |
|
2,771 |
|
|
501 |
|
|
Amortization of intangible assets |
|
137 |
|
|
139 |
|
|
Gain on sale of assets |
|
(53 |
) |
|
(15 |
) |
|
Bad debt |
|
251 |
|
|
276 |
|
|
Stock based compensation |
|
2,707 |
|
|
536 |
|
|
Deferred taxes |
|
(1,340 |
) |
|
163 |
|
|
Deferred rent |
|
9 |
|
|
319 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
Accounts Receivable |
|
(9,391 |
) |
|
201 |
|
|
Contract Assets |
|
(242 |
) |
|
5,113 |
|
|
Prepaid expenses |
|
(1,116 |
) |
|
958 |
|
|
Other Assets |
|
(66 |
) |
|
(51 |
) |
|
Accounts payable and accrued expenses |
|
5,764 |
|
|
2,567 |
|
|
Contract Liabilities |
|
(445 |
) |
|
(4,427 |
) |
|
Net cash (used in) provided by operating activities |
|
(472 |
) |
|
8,323 |
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(757 |
) |
|
(809 |
) |
|
Proceeds from sale of assets and disposal of leases |
|
53 |
|
|
15 |
|
|
Amounts advanced under loans to shareholders |
|
(374 |
) |
|
(607 |
) |
|
Payments received under loans to shareholders |
|
81 |
|
|
145 |
|
|
Amounts advanced under notes receivable |
|
- |
|
|
(277 |
) |
|
Acquisitions of businesses, net of cash acquired |
|
(640 |
) |
|
- |
|
|
Collections under stock subscription notes receivable |
|
67 |
|
|
91 |
|
|
Net cash used in investing activities |
|
(1,570 |
) |
|
(1,442 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
Proceeds from initial public offering, net of underwriting discounts and
|
|
47,104 |
|
|
- |
|
|
Net borrowings under revolving line of credit |
|
(3,481 |
) |
|
(7,231 |
) |
|
Repayments under fixed line of credit |
|
(359 |
) |
|
(178 |
) |
|
Borrowings under fixed line of credit |
|
- |
|
|
1,985 |
|
|
Repayment under notes payable |
|
(454 |
) |
|
(613 |
) |
|
Payments on capital leases |
|
(2,052 |
) |
|
(141 |
) |
|
Payment of contingent consideration from acquisitions |
|
(2 |
) |
|
(17 |
) |
|
Payments for purchase of treasury stock |
|
(582 |
) |
|
- |
|
|
Proceeds from issuance of common stock |
|
27 |
|
|
28 |
|
|
Net cash provided by (used in) financing activities |
|
40,201 |
|
|
(6,167 |
) |
|
Net increase in cash and cash equivalents |
|
38,159 |
|
|
714 |
|
|
Cash and cash equivalents, beginning of period |
|
386 |
|
|
509 |
|
|
Cash and cash equivalents, end of period |
$ |
38,545 |
|
$ |
1,223 |
|
|
BOWMAN CONSULTING GROUP LTD. |
||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||
(Amounts in thousands except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
For the Three Months Ended June 30, |
||||||
Net Service Billing |
|
2021 |
|
2020 |
||||
Gross revenue |
|
$ |
36,524 |
|
|
$ |
31,749 |
|
Less: sub-consultants and other direct expenses |
|
|
4,065 |
|
|
|
4,581 |
|
Net services billing |
|
$ |
32,459 |
|
|
$ |
27,168 |
|
|
|
For the Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA |
|
2021 |
|
|
2020 |
|
|
|
$ Change |
|
|
% Change |
|
||||
Net Income |
|
$ |
(439 |
) |
|
$ |
1,617 |
|
|
|
$ |
(2,056 |
) |
|
|
-127.2 |
% |
+ interest expense |
|
|
215 |
|
|
|
100 |
|
|
|
|
115 |
|
|
|
115.0 |
% |
+ depreciation & amortization |
|
|
1,480 |
|
|
|
320 |
|
|
|
|
1,160 |
|
|
|
362.5 |
% |
+ tax expense |
|
|
(69 |
) |
|
|
1,157 |
|
|
|
|
(1,226 |
) |
|
|
-106.0 |
% |
EBITDA |
|
$ |
1,187 |
|
|
$ |
3,194 |
|
|
|
$ |
(2,007 |
) |
|
|
-62.8 |
% |
+ non-recurring operating lease rent |
|
|
- |
|
|
|
842 |
|
|
|
|
(842 |
) |
|
|
-100.0 |
% |
+ non-cash stock compensation |
|
|
1,558 |
|
|
|
1,079 |
|
|
|
|
479 |
|
|
|
44.4 |
% |
+ transaction related expenses |
|
|
1,440 |
|
|
|
- |
|
|
|
|
1,440 |
|
|
|
100.0 |
% |
Adjusted EBITDA |
|
$ |
4,185 |
|
|
$ |
5,115 |
|
|
|
$ |
(930 |
) |
|
|
-18.2 |
% |
Adjusted EBITDA margin, net |
|
|
12.9 |
% |
|
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|||||
Net Service Billing |
|
2021 |
|
|
2020 |
|
||
Gross revenue |
|
$ |
68,326 |
|
|
$ |
60,360 |
|
Less: sub-consultants and other direct expenses |
|
|
6,999 |
|
|
|
8,459 |
|
Net services billing |
|
$ |
61,327 |
|
|
$ |
51,901 |
|
|
|
For the Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA |
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
||||
Net Income |
|
$ |
542 |
|
|
$ |
2,043 |
|
|
$ |
(1,501 |
) |
|
|
-73.5 |
% |
+ interest expense |
|
|
434 |
|
|
|
249 |
|
|
|
185 |
|
|
|
74.3 |
% |
+ depreciation & amortization |
|
|
2,908 |
|
|
|
640 |
|
|
|
2,268 |
|
|
|
354.4 |
% |
+ tax expense |
|
|
240 |
|
|
|
1,447 |
|
|
|
(1,207 |
) |
|
|
-83.4 |
% |
EBITDA |
|
$ |
4,124 |
|
|
$ |
4,379 |
|
|
$ |
(255 |
) |
|
|
-5.8 |
% |
+ non-recurring operating lease rent |
|
|
- |
|
|
|
1,789 |
|
|
|
(1,789 |
) |
|
|
-100.0 |
% |
+ non-cash stock compensation |
|
|
2,707 |
|
|
|
536 |
|
|
|
2,171 |
|
|
|
405.0 |
% |
+ transaction related expenses |
|
|
1,440 |
|
|
|
- |
|
|
|
1,440 |
|
|
|
100.0 |
% |
Adjusted EBITDA |
|
$ |
8,271 |
|
|
$ |
6,704 |
|
|
$ |
1,567 |
|
|
|
23.0 |
% |
Adjusted EBITDA margin, net |
|
|
13.5 |
% |
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
Backlog |
|
June 30, 2021 |
|
|
December 31, 2020 |
|
||
Communities, homes & buildings |
|
|
50 |
% |
|
|
43 |
% |
Transportation |
|
|
25 |
% |
|
|
28 |
% |
Power & Utilities |
|
|
21 |
% |
|
|
25 |
% |
Other emerging markets |
|
|
4 |
% |
|
|
4 |
% |
BOWMAN CONSULTING GROUP LTD. |
||||||||||||||||||||||||
GROSS CONTRACT REVENUE COMPOSITION |
||||||||||||||||||||||||
(Amounts in thousands except per share data) |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
For the Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|||||||||||||
Consolidated Gross Contract Revenue |
|
2021 |
|
|
%GCR |
|
|
2020 |
|
|
%GCR |
|
|
Change |
|
|
% Change |
|
||||||
Communities, homes & buildings |
|
$ |
25,187 |
|
|
|
69.0 |
% |
|
$ |
19,571 |
|
|
|
61.6 |
% |
|
$ |
5,616 |
|
|
|
28.7 |
% |
Transportation |
|
|
4,174 |
|
|
|
11.4 |
% |
|
|
5,406 |
|
|
|
17.0 |
% |
|
|
(1,232 |
) |
|
|
(22.8 |
%) |
Power & Utilities |
|
|
6,184 |
|
|
|
16.9 |
% |
|
|
5,477 |
|
|
|
17.3 |
% |
|
|
707 |
|
|
|
12.9 |
% |
Other emerging markets 1 |
|
|
979 |
|
|
|
2.7 |
% |
|
|
1,295 |
|
|
|
4.1 |
% |
|
|
(316 |
) |
|
|
-24.4 |
% |
Total: |
|
$ |
36,524 |
|
|
|
100.0 |
% |
|
$ |
31,749 |
|
|
|
100.0 |
% |
|
$ |
4,775 |
|
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic and Acquired Gross Contract
|
|
2021 |
|
|
%GCR |
|
|
2020 |
|
|
%GCR |
|
|
Change |
|
|
% Change |
|
||||||
Organic |
|
$ |
33,957 |
|
|
|
93.0 |
% |
|
$ |
31,749 |
|
|
|
100.0 |
% |
|
$ |
2,208 |
|
|
|
7.0 |
% |
Acquired |
|
|
2,567 |
|
|
|
7.0 |
% |
|
|
- |
|
|
|
0.0 |
% |
|
|
2,567 |
|
|
|
100.0 |
% |
Total: |
|
$ |
36,524 |
|
|
|
100.0 |
% |
|
$ |
31,749 |
|
|
|
100.0 |
% |
|
$ |
4,775 |
|
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 represents renewable energy, mining, water resources and other |
||||||||||||||||||||||||
|
|
|
For the Six Months Ended June 30, |
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Gross Contract Revenue |
|
|
2021 |
|
|
%GCR |
|
|
2020 |
|
|
%GCR |
|
|
Change |
|
% Change |
|
|||||||
Communities, homes & buildings |
|
|
$ |
46,224 |
|
|
|
67.7 |
% |
|
$ |
36,009 |
|
|
|
59.7 |
% |
|
$ |
10,215 |
|
|
28.4 |
% |
|
Transportation |
|
|
|
8,295 |
|
|
|
12.1 |
% |
|
|
10,287 |
|
|
|
17.0 |
% |
|
|
(1,992 |
) |
|
(19.4 |
%) |
|
Power & Utilities |
|
|
|
11,230 |
|
|
|
16.4 |
% |
|
|
11,190 |
|
|
|
18.5 |
% |
|
|
40 |
|
|
0.4 |
% |
|
Other emerging markets 1 |
|
|
|
2,577 |
|
|
|
3.8 |
% |
|
|
2,874 |
|
|
|
4.8 |
% |
|
|
(297 |
) |
|
-10.3 |
% |
|
Total: |
|
|
$ |
68,326 |
|
|
|
100.0 |
% |
|
$ |
60,360 |
|
|
|
100.0 |
% |
|
$ |
7,966 |
|
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic and Acquired Gross Contract Revenue |
|
|
2021 |
|
|
%GCR |
|
|
2020 |
|
|
%GCR |
|
|
Change |
|
% Change |
|
|||||||
Organic |
|
|
$ |
63,836 |
|
|
|
93.4 |
% |
|
$ |
60,360 |
|
|
|
100.0 |
% |
|
$ |
3,476 |
|
|
5.8 |
% |
|
Acquired |
|
|
|
4,490 |
|
|
|
6.6 |
% |
|
|
- |
|
|
|
0.0 |
% |
|
|
4,490 |
|
|
100.0 |
% |
|
Total: |
|
|
$ |
68,326 |
|
|
|
100.0 |
% |
|
$ |
60,360 |
|
|
|
100.0 |
% |
|
$ |
7,966 |
|
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 represents renewable energy, mining, water resources and other |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005841/en/
Contacts
Investor Relations
Bruce Labovitz
ir@bowman.com
(703) 787-3403
Megan McGrath
mmcgrath@finprofiles.com
(310) 622-8248
